Are you looking to start a limited company in the UK but not sure how?
Stay tuned to find out!
Hi there, Nicholas Campion here from 1st Formations.
The UK’s leading company formation agent.
So, let’s get started.
If you would like to set up a limited company in the UK
but you are not sure how, the good news is, it is an extremely quick
and easy process, regardless of where you live.
Let’s take a look at how UK company formation works
and what you need to do to get your business off the ground.
First of all, we would like to stress that you can form a UK
company completely online, without having to visit the UK.
If you’re interested in starting a company,
you need to know about Companies House.
They are the UK’s official registrar of companies,
and you can’t form a company in the UK
without your application being processed through their system.
Once a company has been formed, it’s placed on the Companies House
public register, alongside every other company in the UK.
A question often asked is - do I have to start a company
directly with Companies House? The answer is no.
Many people choose to arrange their company formation
with an accountant or through a company formation agent, such as 1st Formations.
There are a number of reasons why you should consider using a formation agent,
rather than forming directly with Companies House:
Firstly, to form a company, you need a UK-based registered office
address, which is the official address for the company.
Several of our company formation packages include the option to use our London
address as your company’s registered office and directors’ service address.
This is ideal if you’re based outside
of the UK and don’t have access to a UK address.
Secondly, all limited companies need to file a confirmation statement
with Companies House on an annual basis.
We offer a service where our team of experts
prepare and file your confirmation statement for you.
Thirdly, if a business’s turnover is expected
to exceed £85,000 in a 12-month period, it needs to be registered for VAT.
Even if you don’t expect to reach that amount,
there are several benefits to registering for VAT, and so,
if you decide to register, this is something we can help you with.
These are just a few examples of services that we,
as a company formation agent can offer, that Companies House cannot.
If you do decide to form your company with 1st Formations,
we’ll walk you through the company formation process – from picking your company name,
choosing your package, making payment,
and then providing the necessary information to get your business started.
As mentioned earlier, the process is entirely online
and can be completed in around 10 minutes, provided
you have the necessary information to hand.
And on that note, we are now going to cover the necessary information
to form a private company limited by shares
– the most common type of limited company in the UK.
If you would like to form a private company limited by guarantee
or limited liability partnership, please leave a comment or call us at
+44 (0)20 3897 2233 and we will be happy to help.
What you need to provide can be split into two groups
- company information and officer information.
First of all, let’s take a look at the company information.
This includes a unique company name,
and our name search tool on our website
homepage will tell you immediately if your company name is available.
A SIC code, otherwise known as a Standard Industry Classification code
that sets out the industry you’ll be working in.
The good news is you don’t have to research and find
the code applicable to your business activity, as we provide
a list of SIC codes to choose from during the online formation process.
A registered office address, which is the official address
for the company and must be based in the UK.
Again, you do not need to worry about this item, as 1st Formations
can provide this address and any other address
you will need to get your business started.
Now let’s take a look at the officer information
you will require to have at hand.
When forming your company, you will need to appoint a director,
who runs the company; a shareholder, who owns the company;
and a person with significant control or PSC,
who as the name suggests - controls the company.
You can form a company with one person taking all these roles
or multiple people sharing the roles, it’s up to you!
For every person involved
in the company you will need to provide:
Full name. Date of birth. Nationality.
Occupation. Residential address. Service address,
which is the official address for the officer – this can be a residential address,
or you can use 1st Formation’s service address service.
The quantity,
currency, and price of shares held – this is relevant to shareholders only.
And finally, nature of control, applicable
to people with significant control only.
Again, there is no need to worry as this is explained during our online process.
Once you have provided this information, the next step
is to review the information that you have given.
If you spot any mistakes, this is your opportunity to go back and fix them.
Once you’re happy, submit your online application to 1st Formations.
Our team of company experts will review it before forwarding to Companies House
where your new company can be accepted in as little as three working hours.
We will email you
as soon as your company formation has been approved and attach
your digital company documents and company authentication code.
And there you have it, how to start a company in the UK.
Our Non-Residents Package is dedicated
to customers who don’t live in the UK.
Select the link in the description below for more information or to get started.
Take a look at 1stformations.co.uk, that’s ONE-S-T
for all of our formation options.
if you do have any questions, leave a comment and we’ll
get straight back to you.
In the meantime, be sure to subscribe to our channel to get more tips and advice
on limited companies, reporting requirements, tax obligations, and more.
We're always happy to help, and we can't wait to hear from you.
Until next time, cheerio!